Is PayPal a Sell Out?

July 27, 2008

It has been revealed that PayPal has opened their account information to the Internal Revenue Service. The company has long had a good reputation, and this latest shift for them could change everything that people think of him.

For many years, the payment processing company was the way people would deposit money into their online gambling accounts. Now the problem is that those people � the people who made PayPal who they are today � are being sold out by the company that they created.

PayPal has given their client account information, all of that secure personal information, to the IRS so they can find out what sums of money people were making off of online gambling through the company. Those people that used them for their online gambling deposits could be in a lot of trouble with the government because of the move.

Some say that the IRS is actually looking for something bigger than just online gambling. Some think that they are looking for links to banks that are unofficially �tax havens� for those looking to hide some income.

There are also taxes that should be paid on the online gambling winnings, and they are sure to go after them for that as well. However, what the IRS is actually doing with that information won�t be known until they show their end game and knowing the government � that could be almost anything.





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